Unfortunately, this is a largely unregulated industry. TV has had more than it's share of problems with property management companies. An article within the past month or so in The Daily Sun stated that two people were arrested after a two year investigation of First Village Rentals. The paper said they got over $180,000 out of homeowners and rentors before they were put out of business. More recently, another property management company has gone belly up and some are complaining that they kept rent money. I think that is currently under investigation but not sure. Anyway, your best bet is just what you are doing - ask for recommendations (and references) and check them out. Then stay on top of things and act quickly if something seems to be out of kilter. There are some excellent property management companies around but you have to work a little ti find them.
You can hedge your bets (at some small cost) by hiring two companies. One for property management and one just to watch your property. The one watching can report to you directly if the property management company seems to be remiss in taking care of the property properly.
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